Bureau Veritas and RINA Suspend Alliance Discussions

Maritime Activity Reports, Inc.

December 21, 2001

French classification society Bureau Veritas and RINA, of Italy, have acknowledged that discussions concerning an alliance between the two IACS members have been suspended. Bureau Veritas and RINA had almost reached agreement on the conditions of structuring such an alliance but, in the process of concluding the deal, late difficulties arose concerning corporate governance and certain guarantees requested by RINA, which made the deal unfeasible as initially agreed, and which could not be accepted by Bureau Veritas as they were. Bureau Veritas was prepared to discuss an alternative structuring of the agreement, but this did not meet the strategic objectives of RINA, which therefore decided not to continue negotiations at the present time. Bernard Anne, head of BV's marine division, said, "It was not possible to reach agreement with our Italian colleagues on the legal structure of the alliance, but we will continue to develop closer levels of co-operation on technical and commercial matters." Nicola Squassafichi, CEO of RINA, said, "Relations between BV and RINA have been strengthened, and the work done has shown the potential for greater co-operation between the two societies on joint projects."
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